February 28, 2025 18:30 GMT
MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 3 Mar
The Netherlands, Austria, Germany, Spain, France and Belgium are all due to issue in the upcoming week.
Austria, Germany, Spain and France are all due to hold conventional auctions in the upcoming week, the Netherlands is scheduled to hold a DDA and Belgium an ORI auction. We also pencil in possible syndications from Italy and Germany (and potentially Belgium). We look for estimated gross issuance for the week of E42.7bln, up from E35.4bln this week.
Supply Next Week
- On Tuesday, the Netherlands will hold a DDA to sell E4.0-6.0bln of the new 10-year 2.50% Jul-35 DSL (ISIN: NL0015002F72). The initial spread guidance will be announced on Monday
- Also on Tuesday, Austria will hold an RAGB auction. On offer will be a combined E2.0125bln of the on-the-run 10-year 2.95% Feb-35 RAGB (ISIN: AT0000A3HU25) alongside the on-the-run 30-year 3.15% Oct-53 RAGB (ISIN: AT0000A33SK7). Note that the 10-year reopening will be the first following its syndicated launch in January.
- Germany, also on Tuesday, will sell E4.5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042).
- On Thursday, Spain will hold a Bono/Obli and ObliEi auction. On offer will be the 3.10% Jul-31 Obli (ISIN: ES0000012N43) alongside the on-the-run 10-year 3.15% Apr-35 Obli (ISIN: ES0000012O67) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). The amount on offer will be announced on Monday.
- Also on Thursday, France will hold a LT OAT auction. On offer will be E11-13bln of the 4.75% Apr-35 OAT (ISIN: FR0010070060), the on-the-run 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5), the 1.75% Jun-39 Green OAT (ISIN: FR0013234333) and the on-the-run 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2).
- To conclude the week on Friday, Belgium will hold an ORI operation. Details will be announced the preceding day.
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